QQXT vs. PQAP
QQXT (First Trust Nasdaq-100 Ex-Technology Sector Index Fund) and PQAP (PGIM Nasdaq-100 Buffer 12 ETF - April) are both exchange-traded funds - QQXT is a Nasdaq-100 fund tracking the NASDAQ-100 Ex-Tech Sector Index, while PQAP is a Defined Outcome fund actively managed by PGIM. QQXT is passively managed, while PQAP is actively managed. Over the past year, QQXT returned -0.05% vs 21.47% for PQAP. A 0.59 correlation means they provide meaningful diversification when combined. QQXT charges 0.60%/yr vs 0.50%/yr for PQAP.
Performance
QQXT vs. PQAP - Performance Comparison
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Returns By Period
In the year-to-date period, QQXT achieves a -1.57% return, which is significantly lower than PQAP's 12.09% return.
QQXT
- 1D
- -0.25%
- 1M
- -0.88%
- YTD
- -1.57%
- 6M
- -1.64%
- 1Y
- -0.05%
- 3Y*
- 7.28%
- 5Y*
- 4.06%
- 10Y*
- 10.01%
PQAP
- 1D
- -0.12%
- 1M
- 2.44%
- YTD
- 12.09%
- 6M
- 13.01%
- 1Y
- 21.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QQXT vs. PQAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund | -1.57% | 8.16% |
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 12.09% | 14.48% |
Correlation
The correlation between QQXT and PQAP is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 3, 2025 | 0.59 |
The correlation between QQXT and PQAP has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.
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Return for Risk
QQXT vs. PQAP — Risk / Return Rank
QQXT
PQAP
QQXT vs. PQAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq-100 Ex-Technology Sector Index Fund (QQXT) and PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| QQXT | PQAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.86 | ||
| Sortino ratioReturn per unit of downside risk | -8.40 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 2.20 | -1.19 |
| Calmar ratioReturn relative to maximum drawdown | -0.01 | 15.50 | -15.50 |
| Martin ratioReturn relative to average drawdown | -0.01 | 86.25 | -86.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| QQXT | PQAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.00 | 4.86 | -4.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.57 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.76 | -1.31 |
Drawdowns
QQXT vs. PQAP - Drawdown Comparison
The maximum QQXT drawdown since its inception was -57.45%, which is greater than PQAP's maximum drawdown of -10.79%. Use the drawdown chart below to compare losses from any high point for QQXT and PQAP.
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Drawdown Indicators
| QQXT | PQAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.45% | -10.79% | -46.66% |
Max Drawdown (1Y)Largest decline over 1 year | -7.59% | -1.39% | -6.20% |
Max Drawdown (3Y)Largest decline over 3 years | -14.92% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.74% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -30.40% | — | — |
Current DrawdownCurrent decline from peak | -5.98% | -0.12% | -5.86% |
Average DrawdownAverage peak-to-trough decline | -8.11% | -0.60% | -7.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 0.25% | +2.93% |
Volatility
QQXT vs. PQAP - Volatility Comparison
First Trust Nasdaq-100 Ex-Technology Sector Index Fund (QQXT) has a higher volatility of 2.44% compared to PGIM Nasdaq-100 Buffer 12 ETF - April (PQAP) at 1.02%. This indicates that QQXT's price experiences larger fluctuations and is considered to be riskier than PQAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| QQXT | PQAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.44% | 1.02% | +1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 3.09% | +4.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.77% | 4.45% | +6.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.25% | 11.03% | +5.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.54% | 11.03% | +6.51% |
QQXT vs. PQAP - Expense Ratio Comparison
QQXT has a 0.60% expense ratio, which is higher than PQAP's 0.50% expense ratio.
Dividends
QQXT vs. PQAP - Dividend Comparison
QQXT's dividend yield for the trailing twelve months is around 1.23%, more than PQAP's 0.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PQAP PGIM Nasdaq-100 Buffer 12 ETF - April | 0.02% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund | 1.23% | 1.20% | 0.98% | 1.10% | 0.92% | 0.35% | 0.28% | 0.35% | 0.38% | 0.32% | 0.31% | 0.40% |
Frequently Asked Questions
QQXT and PQAP have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QQXT has higher volatility (2.44%) compared to PQAP (1.02%). In terms of maximum drawdown, QQXT dropped -57.45% vs PQAP's -10.79%.
On 1-year performance, PQAP leads with 21.47% vs -0.05% for QQXT. On fees, PQAP is cheaper at 0.50% per year. On volatility, PQAP has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PQAP has performed better with a 21.47% return vs -0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PQAP is cheaper with a 0.50% expense ratio, compared with 0.60% for QQXT.
QQXT has the higher dividend yield at 1.23%, compared with 0.02% for PQAP.
QQXT is categorized as Nasdaq-100, while PQAP is Defined Outcome. They also come from different issuers: First Trust and PGIM. Their fees differ too: 0.60% for QQXT and 0.50% for PQAP.
PQAP currently has the higher Sharpe Ratio (4.86 vs -0.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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